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Cash Offer By Hongkong Land For MCl Land To Proceed
23rd December 2005 - Hongkong Land Holdings Limited ("Hongkong Land") today announced that its wholly-owned subsidiary, HKL (Morpheus) Pte. Ltd. (the "Offeror"), is to proceed with a voluntary conditional cash offer (the "Offer") for Singapore-listed residential property developer MCL Land Limited ("MCL Land") following the fulfilment of a pre-condition. The formal document setting out the terms and conditions of the Offer will be despatched to the Stockholders of MCL Land on or about 6th January 2006.
On 1st December 2005, Hongkong Land announced that the making of the Offer was conditional on the shareholders of Jardine Cycle & Carriage Limited (which holds 65.6 per cent. of the stock units of S$1.00 each ("Stock Units") of MCL Land) approving the distribution of its Stock Units by way of a dividend in specie pro-rata to its shareholders (the "Dividend"). The Dividend has now received the required shareholder approval and, accordingly, the pre-condition to the Offer has been fulfilled.
The Offer is priced at S$1.75 (US$1.04) per Stock Unit, and full acceptance of the Offer will result in a total payment by Hongkong Land of S$647 million (US$383 million).
Jardine Strategic Singapore Pte. Ltd. has undertaken to accept the Offer in respect of the Stock Units representing some 40.9 per cent. of the issued share capital of MCL Land that it will receive in the Dividend. The Offeror also holds Stock Units representing a further 9.5 per cent. of the issued share capital of MCL Land.
Hongkong Land's main business is commercial property investment in Hong Kong, and it has been steadily expanding elsewhere in Asia. Hongkong Land's regional office in Southeast Asia is in Singapore where Hongkong Land is developing a significant commercial property portfolio. Hongkong Land has also established a residential property development business in Hong Kong and mainland China, and proposes to diversify its residential property activities into Southeast Asia. Hongkong Land is incorporated in Bermuda with its primary share listing in London, and its shares are also listed in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.
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